Avalanche (AVAX) price has been bullish recently, hovering near support levels despite minor market corrections. Over the past day, a slight market pullback has caused further fluctuations, though the overall sentiment remains optimistic for AVAX. This comes as the Avalanche Foundation announced the launch of the Avalanche Card, which allows users to make cryptocurrency payments at any Visa-accepting location. This could further influence the altcoin’s market performance in the coming weeks.
Avalanche Price Launches Credit Card for Crypto Payments
Avalanche has introduced the Avalanche Card, a major step toward integrating cryptocurrency into everyday financial transactions. Announced through a social media post, the card allows users to spend WAVAX, USDC, sAVAX, and other supported cryptocurrencies at any location where Visa is accepted.
The Avalanche Card is here. Crypto-friendly spending, anywhere Visa is accepted.
Waitlist sign up, terms & conditions, and all card details ⬇️ https://t.co/JGMmu5p2l9 pic.twitter.com/mHvrNjsvoc
— Avalanche9000 🔺 (@avax) October 21, 2024
The card is currently available in both physical and virtual formats and is being rolled out initially in Latin America and the Caribbean. By targeting these regions, the Avalanche Foundation aims to improve financial inclusion and accessibility through its innovative payment solution. This marks a significant development in making cryptocurrency more usable in daily life.
AVAX Price Analysis: Is Rebound Possible Soon?
The layer 1 blockchain has been trading around the $28 mark, showing fluctuations in recent market activity. The latest AVAX price is $28.18, reflecting a 2.74% decline over the past day.
The price-performance has ranged from a low of $27.41 to a high of $29.03 within the last 24 hours. Despite these fluctuations, the broader market trend for Avalanche remains uncertain as it faces bearish pressure in the short term.
The crypto market experienced a correction today, with Bitcoin (BTC) slipping to the $67K level over the past day. ETH also followed this setback, hovering around $2,600. This movement has raised concerns across the market, as other major cryptocurrencies also show signs of bearish momentum.
The technical chart for the token reveals a period of consolidation. Despite recent bearish momentum, the AVAX price prediction has shown signs of resilience by holding key support levels. The current support is $28, while the resistance level is nearly $30.
A potential breakout above this resistance could signal a bullish reversal to the $40 level, with a possible 41% price increase. The Average Directional Index (ADX) value of 11.92 indicates a weak trend strength.
Despite recent fluctuations and bearish momentum, layer one remains resilient near support levels. Launching the Avalanche Card could drive future growth by increasing cryptocurrency adoption. A potential breakout above the $30 resistance level may push Avalanche toward highs in the near term.
Frequently Asked Questions (FAQs)
The Avalanche Card is expected to boost adoption, but its immediate impact on price has been overshadowed by market corrections.
Recovery depends on market conditions. If AVAX can overcome resistance levels, it may regain momentum.
The main resistance levels for AVAX are $28 and $30, which could trigger a reversal if broken.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/whats-next-for-avalanche-price-after-launching-crypto-payment-card-integration/
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